112 S Wendling St · Klamath Falls, OR 97601

$54,900

2 bd · 1.0 ba · 765 sqft · SingleFamily public records · 6 Days on market

Built 1942 3,049 sqft lot

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Rent growth +3.3/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity awaits with this 2-bedroom, 1-bath home featuring 765 sqft of living space. This vacant property is ready for updates and improvements, offering a great chance to customize or renovate to your liking. Ideal for investors or buyers looking to build equity. Conveniently located in Klamath Falls near local amenities and schools.

Key facts

• Vacant property
• Local amenities
• Schools

Tags

• VACANT PROPERTY
• LOCAL AMENITIES
• SCHOOLS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $556 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Cap rate 18.4% vs local median 3.4% in Klamath Falls — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 78/100 on livability (#67 in OR, #2,703 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F, employment F.
• Klamath Falls City Schools (town): math 26% / reading 40% proficiency, ranked #36 of 58 in OR (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Ponderosa Middle School (math 27% / reading 41%, grade F, #71 of 128 statewide, top 56%, 565 students, 88% FRL); Klamath Union High School (math 15% / reading 64%, grade F, #69 of 143 statewide, top 54%, 645 students, 89% FRL) — zoned schools average 89% FRL vs 62% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.1%/yr); 493 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 232 units permitted in Klamath County in 2024 (72 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $380 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Klamath County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.1% rent growth), your $15k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $18k; list at $55k implies a 197% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $54,900

Questions for the listing agent

1. Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 2.10% ✓
• Cap rate: 18.44%
• Cash-on-cash: 43.37%
• DSCR: 2.93
• GRM: 4.0

CMA / ARV

• ARV (on-the-fly): $175,185
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
337 Martin St	0.17mi	2/1.0	780 (+2%)	7mo	$137,000	$176	83
2325 Home Ave	0.24mi	2/1.0	780 (+2%)	4mo	$138,500	$178	82
625 Mitchell St	0.40mi	2/1.0	748 (-2%)	6mo	$185,000	$247	73
2028 Vine Ave	0.45mi	2/1.0	725 (-5%)	0mo	$176,300	$243	70
309 Martin St	0.18mi	2/1.0	660 (-14%)	1mo	$150,000	$227	68
929 Owens St	0.54mi	2/1.0	804 (+5%)	1mo	$205,900	$256	66
226 Mortimer St	0.42mi	2/1.0	698 (-9%)	4mo	$160,000	$229	62
2533 Applegate Ave	0.60mi	2/1.0	804 (+5%)	2mo	$215,000	$267	62
2145 Applegate Ave	0.52mi	1/1.0 (-1)	730 (-5%)	2mo	$73,000	$100	61
2546 Applegate Ave	0.63mi	2/1.0	797 (+4%)	4mo	$208,000	$261	60
2131 Wantland Ave	0.65mi	2/1.0	792 (+4%)	5mo	$120,000	$152	60
2530 Wantland Ave	0.73mi	2/1.0	846 (+11%)	3mo	$192,000	$227	45

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.12% rent growth · sell at horizon

5-year hold

• IRR: 40.4%
• Equity multiple: 2.73×
• Total profit: $26,629
• Equity at exit: $8,186

10-year hold

• IRR: 46.7%
• Equity multiple: 5.51×
• Total profit: $69,336
• Equity at exit: $4,747

Cash invested: $15,372 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 28 Tenant-Leaning
• State Oregon: 28 Tenant-Leaning · D+6
• County: — inherits STATE
• City: — inherits STATE

SB608 (2019): statewide rent cap (7% + CPI) and just-cause for tenancies > 1 yr. Portland has relocation assistance ordinance.

Methodology + full state rankings →

ZIP-level market 97601

• Home prices YoY: -3.7%
• Rents YoY: 3.1%
• Active inventory: 493
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $1,154 high
• Mortgage (P&I): −$288
• Tax from tax record: −$46 /mo · $548/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$242
• Net cashflow: $556

Break-even live

Break-even rent $451

Max offer price $54,900

Occupancy floor 47%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $13,725
• Closing costs: $1,647
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
104 S Williams Ave Unit A Klamath Falls, OR	3.0	2.0	800	$1,295	$1.62	43d	1	0.08mi
233 Old Fort Rd Klamath Falls, OR	2.0	1.0	1050	$1,250	$1.19	43d	1	0.19mi
151 N Williams Ave Klamath Falls, OR	1.0–2.0	1.0–2.0	485	$1,950	$4.02	43d	1	0.20mi
240 E Main St Unit 1 Klamath Falls, OR	1.0	1.5	750	$975	$1.30	43d	1	0.28mi
123 Mortimer St Klamath Falls, OR	1.0	1.0	750	$899	$1.20	43d	1	0.37mi
2041 Vine Ave Unit 1 Klamath Falls, OR	1.0	1.0	950	$725	$0.76	43d	1	0.40mi
230 S 11th St Klamath Falls, OR	2.0	1.0	498	$1,100	$2.21	43d	1	0.73mi
2425 White Ave Klamath Falls, OR	2.0	1.0	950	$1,250	$1.32	43d	1	0.80mi
1331 Avalon St Apt 08 Klamath Falls, OR	2.0	1.0	775	$1,125	$1.45	43d	1	0.96mi
223 N 6th St Klamath Falls, OR	1.0	1.0	650	$935	$1.44	43d	2	1.02mi
708 Jefferson St Klamath Falls, OR	2.0	1.0	800	$1,050	$1.31	43d	1	1.08mi
729-731 N 11th St Klamath Falls, OR	2.0	1.0	945	$1,250	$1.32	43d	1	1.09mi
1400 Arthur St Klamath Falls, OR	2.0	1.5	950	$1,275	$1.34	43d	3	1.12mi
3124 Sunset Ct Klamath Falls, OR	2.0	1.0	1091	$1,495	$1.37	43d	1	1.15mi
234 N 3rd St Unit 1 Klamath Falls, OR	2.0	1.0	791	$1,200	$1.52	43d	1	1.20mi
1616 Dayton St Klamath Falls, OR	2.0	1.0	732	$1,400	$1.91	43d	1	1.47mi
1222 Summers Ln Unit 1222 Klamath Falls, OR	2.0	1.0	950	$1,450	$1.53	43d	1	1.49mi

Listing history 3 events

1. 2026-04-07
   status Pending
2. 2026-04-01
   listed $54,900 Active
3. 1988-10-01
   soldstatus $18,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast OR · Resets to sale price

• Current annual tax: $548 · $46/mo
• Projected year-2 tax: $548 · $46/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥90°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 29 unhealthy d/yr today · 31 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,852
• − Mortgage interest: −$3,075
• − Property taxes: −$548
• − Insurance: −$274
• − Repairs & maintenance: −$1,108
• − Management: −$1,108
• − Depreciation: −$1,597
• Taxable income: $6,141
• Est. tax owed @ 24.0%: −$1,474
• After-tax cash flow: $5,192/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Klamath Falls City Schools
• NCES district ID: 4107080
• Math proficiency: 26% ▼ -6.00%
• Reading proficiency: 40% ▼ -3.00%
• Median HH income: $34,329
• Composite: 27.14/100
• National rank: #7033
• State rank: #36 of 58 in OR

Livability — Klamath Falls

• Score: 78/100
• State rank: #67
• US rank: #2703

Category grades

Amenities B Commute A+ Cost of living A+ Crime F Employment F Housing A+ Health & safety A+ User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Klamath Falls, OR
• County: Klamath County · 56,186 people
• City population: 56,186
• Metro: Klamath Falls, OR
• Population (ZIP): 22,964
• Household income: $51,780
• Rent vs Own: 40.0% rent · 60.0% own
• Severe rent burden: 1323.0

Population outlook (Klamath County) Hauer SSP2

• Today (2025): 63,870 people
• By 2030: 62,279 · -2.5%
• By 2040: 58,891 · -7.8%
• By 2050: 56,207 · -12.0%
• By 2075: 51,239 · -19.8%
• By 2100: 46,526 · -27.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 12% Two or more races 10% Native American 3% Asian 2%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Lithuanian 4% Slovak 3% Portuguese 2%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · Spanish 6%

Political lean MEDSL · Klamath

• 2024 margin: Solid R (+41.9) · D 27.9% · R 69.8% · Other 2.4%
• 2008→2024 swing: -8.8pp toward R · 2008: -33.1pp · 2024: -41.9pp
• All cycles: 2024: R+41.9 2020: R+40.6 2016: R+44.8 2012: R+38.2 2008: R+33.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -14.37%
• Current HPI: 372.5418
• Rent YoY: ▲ 3.12%
• Metro: Klamath Falls, OR
• State GDP YoY: ▲ 2.05%
• F500 in state: 2

Industry mix (Fortune 500 HQ in OR)

Industry	F500 HQs	Revenue
▸Consumer Goods	1	$51B

Price history

+196.8% since first listed

3 events — show timeline

• 2026-04-07 Pending — MLSCO
• 2026-04-01 Listed $54,900 MLSCO
• 1988-10-01 Sold (Public Records) $18,500 Public Records

Property tax history

-0.3%/yr

Latest (2025): $548 · +0.3% YoY. Source: county tax records.